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Updated Friday, January 23, 2009 11:07 am TWN, AFP

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Vietnam's January trade deficit down almost 90%

HANOI -- Vietnam's trade deficit is estimated to have narrowed to US$300 million in January, almost 90 percent down from the same month last year, the General Statistics Office (GSO) said Thursday.

As food and fuel prices plunged and the global financial crisis kicked in over the second part of 2008, data shows Hanoi spent less on manufacturing goods and oil products and earned less from crude. Imports, mainly machinery and refined petroleum products, were forecast to fall 44.8 percent to US$4.1 billion, while exports — including oil and textiles — were forecast to drop 24.2 percent at US$3.8 billion.

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